The rupee’s fall against the dollar continued in the inter-bank currency market as the greenback gained some 45 paisas in value against the national currency on Monday.
With the gain of 45 paisas, the dollar appreciated against Pakistan Rupee (PKR) to hit Rs133.70 in the inter-bank market.
Amid fast depleting forex reserves and external accounts imbalances, the PKR is under pressure and has lost nearly 10 per cent of its value in the last few weeks.
Experts say that the Pakistani currency is coming under increased pressure after reports that the US is interfering in the IMF bail-out for Pakistan.
A state department spokesman has recently stated that the IMF loan must not go to service the debts Pakistan has acquired from China.
On Monday, the dollar again showed its muscles against the rupee on the money market. Dealers said the dearth of dollars created short supply on the week’s opening day and caused a decline in the value of the rupee.
In the inter-bank market, the rupee lost about Rs 1.10 versus the dollar for buying and selling at Rs 133.00 and Rs 133.80 respectively.
Last week, the rupee tumbled and witnessed a drop of 7.68 per cent to Rs133.8, which was the largest single-day drop in the value of the national currency. But the PKR recovered somewhat to Rs131.93 on Friday. However, it could not sustain the recovery and depreciated over one per cent of its value against the greenback.
The rupee has so far lost 26.3 per cent of its value in the past 10 months.